Is it still a buyer’s market today in Calgary? As experts in the Calgary real estate market, we get asked this question a lot.
The answer isn’t as simple as yes or no.
The State of the Market for Buyers in Calgary Alberta
First off, it really depends on the property type and location.
Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns.
Buyers are often looking for the same thing – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market.
But for condos and townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were down in most areas of Calgary.
Investment properties are in demand.
People are tired of the low returns they are getting from their mutual funds and don’t enjoy the roller coaster ride of the stock market.
Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace with excellent cash flow and ROI.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out.
Financing is still a major obstacle for buyers. Banks are being incredibly strict, requiring lots of money down and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing, although it’s getting better than it was just a couple of years ago.
Overall the market remain down – Alberta is on sale.
Sound confusing? It is. But We Can Help.
There’s a lot of shakeup in the Canadian economy still taking place, and the markets are moving fast in lots of directions at once.
We’re investing in Calgary because we believe in the community and the people here.
If you need to sell a property near Calgary, we can help you.
We buy properties like yours from people who need to sell fast.